Trading update for the year ended 31 December 2024

Oakley Capital Investments Limited ("OCI" or the "Company") today announces its trading update for the year ended 31 December 2024. OCI is a listed investment company providing consistent, long-term returns in excess of the FTSE All-Share Index by investing in funds managed by Oakley Capital ("Oakley").

The Oakley Funds invest primarily in unquoted, profitable, pan-European businesses with recurring revenues, and across four core sectors: Technology, Education, Consumer and Business Services. Oakley's origination capabilities and proven value creation drivers help founders and management teams accelerate growth and produce consistently superior returns for investors.

• Year-end cash and available credit facility of £225 million
• Outstanding commitments of £646 million to be invested over the next five years

NAV growth

The Company's unaudited NAV, based on a revaluation of all portfolio companies at year-end, was £1,226 million, which represents a NAV per share of 695 pence. The total NAV return per share including dividends since 31 December 2023 was +2% (+15 pence) or +6% (+40 pence) excluding the impact of foreign exchange. Since 30 September 2024 the total NAV return was +1% (+4 pence). The full year total NAV return includes 45 pence of net valuation gains, c. 75% of which were driven by earnings growth. The largest contributors were IU Group, Phenna Group, Dexters, Bright Stars, and Steer Automotive Group.

Portfolio company performance

OCI’s NAV growth in 2024 reflects a cautious near-term outlook, resulting from persistent macroeconomic headwinds. Despite this environment, OCI’s underlying portfolio has demonstrated resilient performance. Meanwhile three investments were realised in line with their carrying values, underlining the robustness of valuations and generating an average 2.3x Gross Money Multiple. Looking ahead, Oakley anticipates stronger NAV growth from a portfolio of founder-led, disruptive businesses, often with non-discretionary revenues and initially low organisational maturity, which provides scope for significant value creation.

Investments

OCI made a total look-through investment of £299 million, equivalent to c.25% of NAV at year-end, which included:

• Follow-on investments - £54 million - including bolt-on acquisitions by Steer, Phenna Group, Bright Stars, Affinitas
• Venture investments - £31 million - including Safely You, SafeBase, Daloopa, Netradyne

OCI converted $107 million of its North Sails preferred equity position into ordinary equity to better participate in the future returns of the leading action sports business.

Capital allocation

OCI's total liquidity as at 31 December 2024 was £225 million, comprising £103 million of cash on the balance sheet and £122 million in undrawn credit facilities. At year-end OCI’s outstanding commitments to the Oakley Funds totalled £646 million. This will be deployed into new investments over the next five years and c.£200 million is not anticipated to be drawn. The Board closely monitors anticipated fund drawdowns and projected liquidity as it seeks to maximise shareholder returns through capital allocation to future Oakley funds, share buybacks and dividends.

The Company expects to report its audited annual results for 2024 on 13 March.